A transaction coordinator in Boone is updating the policy manual on trust money receipt, deposit timing, and exceptions. Which statement best applies under current North Carolina law?
Correct Answer
A) The three-banking-day rule applies to trust money the broker receives in a fiduciary capacity, such as earnest money payable to the escrow agent.
The three-banking-day rule applies to trust money the broker receives in a fiduciary capacity, such as earnest money payable to the escrow agent.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Broker supervision is the legal obligation of a designated or managing broker to oversee and be accountable for the real estate activities of all salespersons and associate brokers operating under their license.
Commingling is the illegal act of mixing client funds with a broker's personal or business operating funds, while conversion is the unauthorized use of client funds for the broker's own benefit. Both are serious violations that can result in license revocation.
Commingling is the illegal act of mixing client trust funds with a broker's personal or business operating funds; conversion is the misappropriation of those funds.
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